I used to work for this company a few years ago when they were going through an identity crisis (oops I meant a name change) from American Summit (aka American Plummet) Mortgage to Wealthspring Mortgage. To anyone that is out there considering a career with Wealthspring Mortgage or whatever they want to be called this week (Avizen Lending Solutions, Clear Rock Title, etc.), let me sum up my advice in one short sentence: Look elsewhere job seeker!
Here is my story and my experience with this hellish company. I met up with this guy by the name of Paul Melby, who was the manager of the Eden Prairie location.in our initial meeting or interview, he tells me that I would go through their "A-1" training program and get paid to go through their two week training program.
After that two week period, we would be able to go out and originate loans. Needless to say, the "pay" that I received for training was less than what a part time fry cook at Burger King receives. So I figure no big deal, I would go out and originate loans. Paul guaranteed me that I would be "on the wheel" when in fact he changes his mind and says I have to go out and find my own business before I can go on "the wheel." "The wheel" he said was for people who memorized their presentation spiel word for word.
It only gets worse from here. Paul prides himself in calling himself a "taskmaster." Every day, he would ask the loan officers what they were doing and how many loans they got in a day. If your numbers were down, you had to stay late into the night and try to reach your daily goal of loan commitments.
On top of that, all loan officers were required to attend their morning meeting and sit for over an hour to listen to some AE from another company or some seminar about pricing and structuring loans.in that hour, I could have been of better use by trying to get soem business in the door.
Since I was on 100% commission, I felt a lot of time was wasted by going to seminars and lectures. Also, we were required to sit with Paul and our assigned processor (mine was a real piece of work but I do not remember her name although I hope she never gets another job in this industry again) one on one on a weekly basis to go over our loan numbers.in essence, Paul's style was that of a micromanager and he did not trust anyone to go out and get loans.
I ended up leaving Wealthspring Mortgage without so much as giving them a notice and realized that was the best thing I ever did for my career. I did get an earful from Paul Melby about how I was making a mistake in leaving and all I did was laugh at him because he is a pathetic excuse of skin.
I now work for Citigroup and have been with them for about 3 years now since my foray with Wealthspring Mortgage. I started out in their Auto Finance Division in Bloomington MN and ended up transferring to CitiMortgage to their wholesale mortgage operations division in Brea, CA as an Inside Sales Rep (broker coordinator). My bosses at Citi were unlike Paul Melby and his two faced micromanaging style.
Now that I see that the subprime lending industry is in bad shape, I wonder how Wealthspring is going to be affected by this. Who made the real mistake Paul? Not me. I work for the largest financial institution in the world and I'm still standing. Just like New Century and Ameriquest, the next place you will be is on the unemployment line. As to who made the mistake... I believe I made the right choice. Ta Ta Paul Melby. It's been a displeasure knowing you.
To those of you that still think Wealthspring Mortgage is the place to be, think again before you sign on the dotted line with Paul Melby. I can only share my experience, but I believe there are others out there that share my sentiments about Paul Melby and Wealthspring Mortgage.
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